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If auction houses book bids were audited annually, would you be more comfortable leaving absentee bi

LakesammmanLakesammman Posts: 17,461 ✭✭✭✭✭
in U.S. Coin Forum
I know of more than a few people that won't leave absentee or podium bids for a variety of good reasons, including me. How about you?
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.

Comments

  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    How would such an audit work?
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • LakesammmanLakesammman Posts: 17,461 ✭✭✭✭✭
    I'm not an auditor - ask them. image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • RegulatedRegulated Posts: 2,994 ✭✭✭✭✭
    Some houses have perfectly trustworthy books.

    What is now proved was once only imagined. - William Blake
  • LakesammmanLakesammman Posts: 17,461 ✭✭✭✭✭
    Sounds good to me - care to list the ones that don't? image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • 291fifth291fifth Posts: 24,703 ✭✭✭✭✭
    Going once, going twice, sold to the potted plant in the rear.
    All glory is fleeting.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    Sounds good to me - care to list the ones that don't?

    Tim - That's asking for trouble. Better to list the ones that do.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • RegulatedRegulated Posts: 2,994 ✭✭✭✭✭
    I think listing either would be a mistake.

    What is now proved was once only imagined. - William Blake
  • seemyauctionseemyauction Posts: 3,655 ✭
    I'm not sure what you are wanting audited......not sure what a "book bid" is either.

    The way I conduct absentee bidding:

    once the bidding starts I let the live bidders go at it. when we get to a high bid, I check the absentee bids, if there is an absentee bid higher than the current floor bid I bid for the absentee up to their max. A tie goes to the live bidder.

    I guess there are other ways to do it but I think the system I use is fair to both the live and absentee bidders.


    You are more than willing to look at my books....shoot if ya want you can even keep my books......lol


    AL
    imageCoinZip.com
  • LakesammmanLakesammman Posts: 17,461 ✭✭✭✭✭
    I think listing either would be a big mistake too.

    We all know there are houses where one always seems to win with their max bid - gee, what a coincidence. So, we avoid leaving bids with them.

    Seems it would be good for business to be open and transparent so that people trust you. image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • RegulatedRegulated Posts: 2,994 ✭✭✭✭✭
    Why in God's name would you want people to trust you???

    What is now proved was once only imagined. - William Blake
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    Why in God's name would you want people to trust you???

    It might be OK if their trust was not justified.



    image
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • RegulatedRegulated Posts: 2,994 ✭✭✭✭✭
    Andy - you are always 1.5 steps ahead of me!

    What is now proved was once only imagined. - William Blake
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>The way I conduct absentee bidding:

    once the bidding starts I let the live bidders go at it. when we get to a high bid, I check the absentee bids, if there is an absentee bid higher than the current floor bid I bid for the absentee up to their max. A tie goes to the live bidder. >>

    Note bolded part... I'm curious- obviously, the absentee bidder in this scenario made his bid first- why wouldn't the tie go to the earliest bidder?
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    why wouldn't the tie go to the earliest bidder?

    Besides tradition, why should it?

    But more to the point, floor bidders can't return the coins, so it's better for the consignor and for the auctioneer if a floor bidder buys the coin.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>Besides tradition, why should it? >>

    Suppose live bidder #2 makes a third tie bid, after the absentee bidder and live bidder #1- should he be the winner because he's now the last bidder? image It just seems more fair to award the lot to the first person to make the offer when two offers are the same.


    << <i>But more to the point, floor bidders can't return the coins, so it's better for the consignor and for the auctioneer if a floor bidder buys the coin. >>

    True enough, but that's a different issue.

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